Near the Earth, using Scharzschild coordinates, for motion in the radial direction, the time dilation formula is given by:
[itex]d\tau = \sqrt{Q - \frac{\frac{v^2}{c^2}}{Q}} dt[/itex]
where [itex]Q[/itex] is [itex]1 - \frac{2GM}{c^2 r}[/itex], and where [itex]M[/itex] is the mass of the Earth, and where [itex]t[/itex] is coordinate time (time as measured by a clock far from the Earth).
This might be easier to understand in the nonrelativistic, weak-gravity limit. In this limit, this expression becomes approximately:
[itex]\frac{d\tau}{dt} \approx 1 - \frac{GM}{c^2 r} - \frac{1}{2} \frac{v^2}{c^2}[/itex]
So you can sort of think of this as the first expression being a gravity-dependent time dilation, which says that clocks with greater gravitational potential energy run faster, plus a velocity-dependent time dilation, which says that clocks with greater speed run slower. For a clock on a satellite orbiting the Earth, these two effects work in opposite directions, because its gravitational potential energy is higher, making it run faster than clocks on the ground, but its velocity is also higher, making it run slower than clocks on the ground. You have to look at the details of the orbit to see which effect dominates. For a circular orbit,
[itex]v^2 = \frac{GM}{r}[/itex]
So the "velocity-dependent" term, [itex]\frac{1}{2} \frac{v^2}{c^2}[/itex], is half of the "gravity-dependent" term.